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News Now

CU System
Puerto Rico lawmaker to probe co-ops regulator
SAN JUAN, Puerto Rico (12/10/10)--Circumstances around the resignation of the president of the regulatory and supervisory agency of Puerto Rico's cooperatives have prompted a resolution from a lawmaker there to investigate the agency's operations, according to local papers. New Progessive Party Sen. and Chairwoman of the Public Corporations Committee Lornna Soto Villanueva submitted a resolution to investigate internal operations and the reasons for the abrupt resignation of Jose Gonzalez Torres as president of the Public Corporation for the Supervision and Insurance of Puerto Rican Cooperatives (COSSEC) (The Daily Sun (Dec. 8). COSSEC's mission is to guarantee the continuity and permanence of the cooperatives in that country, via regulatory and supervisory duties and to protect members and depositors through effective use of human and technical resources, said the Sun. Gonzalez Torres said he was asked to step down by COSSEC's board because he no longer had board members' trust. Sen. Soto Villanueva said the resignation appears to be related to a proposal for a $200 million loan to Integra Coop to buy toxic loans from local cooperatives. She said no entity, internal or external, can manipulate the stocks and/or operations of workers.


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